LAS VEGAS, May 13, 2008 (PRIME NEWSWIRE) -- EnerBrite Technologies Group, Inc. (Pink Sheets:ETGU) announces that its Board of Directors has approved a capital restructuring of the Company's common stock for all shareholders of record as of May 19, 2008, implementing a 100 to 1 reverse split. The Company has submitted this request to FINRA and is awaiting their approval and an ex-dividend date where the reverse split will be reflected in the quote. A new symbol will then be assigned.
The EnerBrite Board of Directors approved this capital restructure as a means of positioning the Company to be more attractive for possible acquisition candidates and to enhance the Company's ability to raise capital. As a result of the reverse stock split, each 100 shares of common stock will be combined and reclassified into one share of common stock.
"Our top priority is to optimize operational opportunities for the Company and reduce the volatility that our shares have experienced on the market. This reverse split will make an investment in EnerBrite Technologies more attractive to a broader base of investors and put us in a better position for vertical growth as we launch our aggressive marketing strategy across North America in the year ahead," stated Steven Brown, Chief Financial Officer and Co-CEO of EnerBrite Technologies Group, Inc.
EnerBrite Technologies has begun contracting independent sales firms for the marketing of its Energy Management Systems (EMS) throughout North America. As a supplement to the activities of EnerBrite's own Regional Sales Offices, these "spec reps" focus on developing relationships with designers, contractors and engineers to introduce EnerBrite's technologies in advance of the construction of new buildings.
About EnerBrite Technologies Group, Inc.:
EnerBrite Technologies Group's focus is on introducing performance-related technologies designed to manage energy consumption and control demand. The EnerBrite product line consists of various technologies that not only have the capability of controlling energy demand, but can also be the foundation for reconfiguring base building systems. These technologies can substantially change the way building systems are installed and operated (e.g. domestic hot water, hallway ventilation, in-suite heating/cooling, etc.).
Statements contained in this news release, other than those identifying historical facts, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual Company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.